SLM (NASDAQ:SLM) Releases FY24 Earnings Guidance

SLM (NASDAQ:SLM) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.70-2.80 for the period, compared to the consensus earnings per share estimate of $2.77. SLM also updated its FY 2024 guidance to 2.700-2.800 EPS.

SLM Trading Down 1.2 %

SLM stock traded down $0.27 during mid-day trading on Friday, hitting $22.73. 1,919,754 shares of the stock were exchanged, compared to its average volume of 1,832,806. The stock has a market capitalization of $4.94 billion, a price-to-earnings ratio of 7.10, a PEG ratio of 0.44 and a beta of 1.17. SLM has a 12 month low of $12.26 and a 12 month high of $23.95. The company has a quick ratio of 1.23, a current ratio of 1.26 and a debt-to-equity ratio of 2.66. The firm’s fifty day simple moving average is $21.27 and its two-hundred day simple moving average is $20.79.

SLM (NASDAQ:SLM) last announced its earnings results on Wednesday, July 24th. The credit services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.32. The business had revenue of $783.28 million during the quarter, compared to the consensus estimate of $368.97 million. SLM had a net margin of 24.67% and a return on equity of 41.84%. During the same quarter last year, the firm earned $1.10 earnings per share. Analysts forecast that SLM will post 2.86 EPS for the current year.

SLM Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, September 5th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.94%. The ex-dividend date is Thursday, September 5th. SLM’s dividend payout ratio (DPR) is presently 13.75%.

Analyst Ratings Changes

Several brokerages have recently commented on SLM. Wedbush raised their target price on SLM from $25.00 to $29.00 and gave the company an outperform rating in a research note on Thursday. TD Cowen boosted their price objective on SLM from $25.00 to $27.00 and gave the company a buy rating in a report on Tuesday, June 4th. JPMorgan Chase & Co. upped their target price on SLM from $23.00 to $25.00 and gave the stock a neutral rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of SLM from $25.00 to $29.00 and gave the company a buy rating in a research report on Thursday. Finally, Wells Fargo & Company upped their price objective on shares of SLM from $24.00 to $27.00 and gave the stock an overweight rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, SLM currently has an average rating of Moderate Buy and a consensus price target of $24.00.

SLM Company Profile

SLM Corporation, through its subsidiaries, originates and services private education loans to students and their families to finance the cost of their education in the United States. It is also involved in the provision of retail deposit accounts, including certificates of deposit, money market accounts, and high-yield savings accounts; and interest-bearing omnibus accounts.